A veteran DFLer in the state's second most conservative district, Peterson said he is in the process of raising money for a potential campaign, but hasn't committed to another term just yet.

"There's always speculation about me; they're trying to run a campaign against me to try to get me to retire," he said. "It's actually making me more inclined not to retire. But I never decided until January or February of an election year."

Peterson, who turns 69 next month, said he "needs to see where things are at" in early 2014 before making his final decision on whether or not to run again and whether or not his presence in Washington will be beneficial for the country and his district.

Peterson, the top Democrat on the House Agriculture Committee, also told the Independent he's confident Congress will pass a new long-term farm bill this session. Federal farm policy expires in September.